"If we continue to use industrial resources for other purposes – defence, housing, etc. – thus preventing the diversion of resources to export work, the rate will continue to fall. ... the basic idea of internal stability of prices and employment, which had dominated economic policy for so long will not be maintainable. It will not be possible to maintain stable internal prices and wages; it will not be possible to avoid unemployment. There will be a continuous process of change and readjustment and much of this will be painful."

“The more effective our own action to deal with our balance of payments deficit, the higher will be the rate , and the lower the cost of living. On the other hand, if we fail to deal with our internal problems effectively, and fail to organise the economy in a way which releases sufficient resources for exports, the rate will fall and the cost of living will rise accordingly. ... When we had gold reserves to take the impact of our balance of payments deficit, it was possible to insulate the economy from the failure to pay its way. This is no longer possible, and failure to pay our way will be felt by every family in the country in a rise in the cost of living.”

“...in conditions of full employment, such as we have today, it is clear that the bargaining power of Trade Unions is very strong. Employers in general can sell all they can produce profitably and are afraid that they will never get their labour back if they once lose it. Workers know that there is plenty of work available. Thus there is no real obstacle to the steady increase in wages, which in turn leads to corresponding increases in prices. I must tell my colleagues that I do not see any easy answer to this problem.”

“I have said on many occasions, in Parliament and elsewhere, that I am not convinced that this would have the effect for which its advocates hope.”

“Many a time I have sat in the jungle in Central India watching a bait, in the form of a bullock or calf tied to a tree, awaiting the arrival of the lord of the forest, and put there as a trap to entice him to his doom. On this occasion, I have exactly the same feelings as those of the miserable animal whom I have so often looked upon in that position, and, if I compare myself to that bait, I may compare my right hon. Friend the Member for Epping to the tiger. I hope that hon. Members and the right hon. Gentleman himself will remember, however, that there is waiting for the tiger a pair of lynx eyes and a sure and safe rifle to ensure his ultimate fate.”

“In the past three years we have burned our identity cards, torn up our ration books, halved the number of snoopers, decimated the number of forms and said good riddance to nearly two-thirds of the remaining wartime regulations. This is the march to freedom on which we are bound. And the pace must quicken as we go forward...Within the limits of law and social justice, our aim is freedom for every man and woman to live their own lives in their own way and not have their lives lived for them by an overweening State.”

“You can imagine how lonely and sad I felt in Parliament, and indeed in the whole political world, when I knew that Mr Chamberlain had gone. I do not think that the party will ever be the same again. I looked upon him as the last leader of the organisation in the State which I joined very late in its life but which has been responsible for much of England's greatness.”